US stocks lose $1tn after Chinese firm unveils AI chatbot

The launch of DeepSeek, a new AI chatbot developed by a Chinese startup, has sent shockwaves through global markets, wiping over $1 trillion from the leading US tech index.

The AI model, seen as a direct competitor to OpenAI’s ChatGPT, has disrupted investors and shaken up the tech industry.

What truly rattled the industry was DeepSeek’s claim that it developed its latest model, the R1,…